Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need some help please Exercise 2.3 Jeremiah's Trial Balance showed a shortage of $400 on the debit side. The books were then investigated and the

need some help please image text in transcribed
Exercise 2.3 Jeremiah's Trial Balance showed a shortage of $400 on the debit side. The books were then investigated and the following errors discovered: (i) (iv) $6 600 wages paid by cheque had been entered in the Wages Account as $6 700. Rent Received by $900 cheque had been debited to Rent Received and credited to Bank. $375 cash paid to a supplier, Moore, had been entered in the Cash Book only. The total Discounts Allowed $125, shown in the Cash Book, had not been posted to the General Ledger. $560 cash received from Hunt, had been entered in the books as $650. A cheque for $700 the purchase of office equipment had been debited to the Purchases Account. (vi) (a) Prepare journal entries to correct the errors above Show the Suspense Account after the correction of the errors. (b)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions